Moneycontrol reported on Friday that Facebook parent Meta Platforms Inc may soon launch a standalone decentralized social network.
The debut is reportedly a direct rival to Twitter Inc, owned by billionaire Elon Musk.
Based on sources, the news portal reported that the launch will support ActivityPub, the decentralized social networking protocol that powers Twitter rival Mastodon.
The codename of the project is P92.
In response to the report, Meta said, “We are exploring a standalone decentralized social network for sharing text updates. We believe there is an opportunity for a separate space where creators and public figures can share their interests.” Can share timely updates regarding.”
However, it is unclear from the release whether the P92 is in the idea or development stage. Meanwhile, other rivals could threaten the market positions of both Meta and Twitter.
The report confirms a beta release of T2 by former employees, amid several Twitter-like launches following the platform’s acquisition by Musk. Spill and Mastodon are other launches that aim to take advantage of Twitter’s waning edge.
Jay Kaplan, co-founder of the Anti Software Club, the group Twitter rival cohost, previously told CNN, “Something that we’ve heard a lot from people who are moving on from Twitter partially or completely, it’s just Overall a good experience for them.
The “Twitter killer” moniker is also used by a Nostra-based standard decentralized social media network called Dumas. And interestingly, former Twitter CEO Jack Dorsey supported the open protocol Nostra.
Billionaire Elon Musk officially closed the Twitter deal on October 27, 2022 after a long back and forth. During the acquisition, the two tech bosses discussed the idea of a blockchain-based social media platform. As a result, the DSO Foundation also announced the release of its ambitious roadmap for a decentralized social layer in 2023.
Now, there’s more competition to profit from the chaos created by “Chief Twit.” Meta-owned Instagram also launched a new feature called Notes in December 2022. It enabled users to share short posts of up to 60 characters.
A source told Moneycontrol, “The plan as of now is that MVP [minimum viable product] Will definitely allow our users to broadcast posts to people on other servers. This may or may not enable our users to follow and view content from people on other servers.
As per the story, the P92 will allow initial registration using Instagram.
According to the product brief cited in the report, the new app will work in accordance with the company’s existing and supplementary privacy policy. This will specifically mention cross-app data sharing. Instagram and the P92 will eventually share very little information, according to sources speaking to the platform.
However, the idea is to benefit from the huge user base of Instagram. This would allow the P92 to access each Instagram user’s Instagram data, independent of their participation.
2023 is the year Mark Zuckerberg dubbed “the year of efficiency” in Meta’s fourth-quarter financial report.
Meanwhile, recent reports suggest that Meta Platforms is preparing a new round of layoffs, where the tech giant may let go of thousands of employees. Zuckerberg’s statement noted that the business will be “proactive in cutting projects” that are not performing or may not be absolutely necessary.
So, it’s becoming increasingly clear that Meta is buying into the Web3 and AI hype with its recent launch. And P92 is one of them.
disclaimer
BeInCrypto has reached out to the company or the person involved in the story for an official statement regarding the recent development, but has yet to hear back.